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Markets in a Minute – 6/27/2014

For the Week Ending June 27, 2014
Please enjoy this quick update on what’s happening this week in the housing and financial markets.

The revised 1st quarter GDP report shows the economy’s biggest contraction in 5 years. Rates declined slightly to reach their lowest level this month. 

*Note: The rate gauge shows weekly movement. Rates have moved down incrementally, so a week’s change does not always register on the gauge. 

Consumer confidence is the highest it’s been in more than six years. Increased consumer spending could lead to an improving economy and higher rates. 
Thursday provided positive jobs, income and spending reports. Balanced by tame inflation, we have an improving economy and no damage to rates.

Median home prices are on the rise as buyer interest shifts away from lower priced and distressed homes.
May’s new home sales increased at a rate not seen in two decades. Sales grew fastest for new homes priced in the $400,000s.
Existing home sales are growing, too. Slower price growth, larger inventory and stable-to-slightly-lower rates are helping.

A mother took her 10-year-old daughter to open her first savings account. “It’s your account, so you fill out the application,” said the mom. The girl was doing fine until she came to the space for “Name of your Former Bank.”

After a slight hesitation, she wrote, “Piggy.”

Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These rate trends can differ from our own and are subject to change at any time.

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